DITO CME Holdings Corp. led by businessman Dennis Uy plans to push through with its P4.2-billion preferred shares offering.
Based on the latest filing with the Philippine Stock Exchange (PSE), the offer period of DITO CME will run from Nov. 20 to 24, 2024.
The company will offer 1.953 billion primary common shares at an offer price range of P1 to P2.15 apiece. The shares will be listed on the PSE on Nov. 26, 2024.
DITO CME earlier deferred the share sale which was originally scheduled in October, citing requests from potential investors who asked for additional time to further evaluate the investment opportunity.
It said it would use the net proceeds from the fund-raising activity to finance the commercial rollout of its network expansion and for general corporate purposes.
DITO CME tapped BDO Capital as the sole underwriter for the transaction. The Securities and Exchange Commission and the PSE approved the offering.
DITO CME reported in July that it was planning to raise up to P40.26 billion until 2028 to address its negative equity position and support its expansion.
The company raised P5.5 billion as of end-2023 from private investments made by third parties Xterra Ventures Pte Ltd., Summit Telco Corp. Pte Ltd. and Summit Telco Holdings Corp.
DITO Telecommunity, its telecom unit, had over 11.3 million subscribers and about 7,450 telecommunications towers, covering over 80.65 percent of the Philippine’s population as of June 2024.
Its net loss widened to P28.19 billion in the first half of 2024 from P3.18-billion in the same period last year. Net loss in the second quarter ballooned to P18.1 billion from P2.47 billion a year earlier.
Consolidated net revenues, mainly generated by DITO Telecommunity, soared to P7.6 billion in the first half from P5.96 billion in 2023.
